How to Perform a Regression Analysis. Main Steps

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Ignatius D, Manager, India
🔥NEW When it comes to data analysis, regression is one of the most important methods. It is generally used to draw conclusions and make predictions. It can be quite a confusion for those without a statistical background. So I will try to make it as simple as possible. EXAMPLE OF REGRESSION ANALYSIS We shall consider an example where you are a sales manager who wants to predict the next month's numbers. Now there are many factors that can affect those numbers such as competitor's promotion and maybe a new and improved product. So there can be many variables that will affect future sales. There are people in the organization who might have a theory that the more rain this month, the more the sales will be. So there can be 100s of various factors. Regression analysis is a way of mathematically sorting the variables which will actually have an impact on the sales. It basically gives us the answer to questions such as: What factors are most important? What factors can we ignore? How these f (...) Read more? Sign up for free

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More on Regression Analysis
Summary
Forum
How to Perform a Regression Analysis. Main Steps
Explanation of Regression Formula
Difference Between a Random Sample and Time Series
Best Practices
🥇Regression Analysis Enables one to Determine the most Critical Predictor Variable
🥈Regression Analysis in Sales Forecasting
🥉Regression Analysis Example
Number of Variables in Regression Analysis?
Theoretical and Statistical Explanations
Special Interest Group Leader

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